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Last Updated : Aug 13, 2019 12:10 PM IST | Source: Moneycontrol.com

Cox & Kings locked at lower circuit on result delay; withdraws dividend proposal

The share has touched a 52-week low of Rs 7.67. There were pending sell orders of 2,599,075 shares, with no buyers available

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Shares of Cox & Kings were locked at 5 percent lower circuit after the company withdrew the proposal of the declaration of dividend.

The board of directors of the company at its meeting held on August 12 withdrew/cancelled the proposal of declaration of dividend of 20 percent (Rs 1) per share for the financial year 2018-19 declared by the board on May 30, 2019 due current financial condition of the company, company said in release on BSE.

The share has touched a 52-week low of Rs 7.67. There were pending sell orders of 2,599,075 shares, with no buyers available.

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As the company is in the process of submitting its draft resolution plan to the lenders and also working on various other monetisation initiatives to address its liquidity issues, the company is not in a position to finalise & consider the financial results on the standalone and consolidated basis along with limited review report of the company and its subsidiaries for the Quarter ended June 30, 2019.

The company intends to extend the date of submission of the quarterly financial results for the quarter ended June 30 with the stock exchange. The revised date of the meeting to consider the said quarterly financial results shall be communicated at the earliest possible, as per company release.

In another release, the company said it is confident of implementing its resolution plan well within the stated period of 180 days based on its various asset monetisation.

The company lenders have signed the InterCreditor Agreement (ICA) with State Bank of India (S8I) as the Lead Banker. As on date, 70 percent of the lenders have signed the ICA and the company is perusing with the balance lenders with respect to ICA signing.

The company is working on monetisation plans and has appointed merchant bankers for the same.

Malvern Group, the holding company of Superbreak and Laterooms had declared insolvency in the UK, the company said in BSE release.

Superbreak and Laterooms, subsidiary of Malvern Group had appointed KPMG as the administrators. The administrator will work closely with the Association of British Travel Agents and the UK Civil Aviation Authority to minimise disruptions and will seek offers from suitors.

Malvern Group is 49 percent owned by Cox & Kings.

At 1131 hours, Cox & Kings was quoting at Rs 7.67, down Rs 0.40 on the BSE.

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First Published on Aug 13, 2019 12:10 pm
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